Personal bank service in Malaysia has deteriorated because of monopoly

And another visible thing is banks closed down their branches. For example not only the Bank Bumi outlet in Alpha Angle Shopping Centre, Wangsa Maju closed down but its main branch in Wangsa Maju nearby closed dow.

May Bank closed down TWO of its branches in Wangsa Maju section 1. So now we need to go to the quite FAR places for the transaction.

And they are charging NEW kind of charges…Checque clearing charges. Bank Negra should take RESPONSIBILITY and compensate us if they push us to do INTERNET TRANSACTION…as there are a lot of internet frauds.

And when we pay INCOME TAX at banks…we need to pay RM 2.00 extra NOW ONLY!

And the special order to pay monthly payment is increased to RM 10 from previous RM 2.00

So I see this as the SIDE EFFECTS of MONOPOLY!

Read the Star newspaper reader’s letter here:

Personal bank service has deteriorated

SINCE the 1997 Asian financial crisis, there has been a lot of bank mergers to ensure that banks are strong and big enough to withstand any future liquidity crunch.

However, big is not always beautiful as I found out the hard way over the past 16 years.

I have an all-in-one account with a bank where it is a current account with unsecured overdraft facilities while any positive cash balance would earn interest rates close to fixed deposit rates.

To top it all, a free for life annual fees credit card was provided and a dedicated phone line was available to do phone banking.

It was a good bank despite the crisis as it was still solvent and profitable, but then the Central Bank regulations came into effect which warranted the bank to be merged with an anchor bank which could dictate policy and conditions.

Unfortunately, my bank was not chosen to be the anchor bank. Upon the first round of mergers, my account number was changed to synchronise with that of the anchor bank in a migration exercise.

This caused me much hassle to update other financial institutions on my new account number as I had a number of auto debit and credit for monthly receipts and payment transactions.

Subsequent round of mergers over the decade also required changing my account number again due to a new system to cater for the enlarged banking group.

Over the years, the personal service deteriorated with benefits taken away slowly.

It started with interest rate on positive cash balance reduced substantially to a point where I had to make fixed deposit placements in order to earn higher interest.

Then more service charges and bank charges appeared when it was free previously.

An example is cash balances less than RM1,000 is charged a service fee of RM5 per month. I find it ridiculous that I am charged a service fee for having a positive cash balance.

The dedicated phone banking service quality deteriorated where phone banking options became limited.

A few months ago, out of the blue my overdraft facility was reduced via a yearly reduction despite the fact I never defaulted or exceeded my credit limit.

I appealed but their reply was that they cannot accommodate my request for now as it was a top management decision.

In the meantime, the free for life credit card has lesser benefits in terms of privilege discounts when swiping the card at shopping and eatery outlets, in addition to shorter expiry date for points collected from card usage.

Previously, the card was useful where discounts were offered and the point collected to redeem stuff had higher value without an expiry date.

Now the bank is going through another round of mergers and acquisition to become one bigger entity where I feel that it is going to be detrimental to small timers like me.

NG SHU TSUNG

Kuala Lumpur

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